ServiceChannel Announces $54 Million in Funding from Accel

Investment by leading venture capital firm signals a new era for
facilities management and service automation

May 02, 2017 07:00 AM Eastern Daylight Time

NEW YORK--(BUSINESS WIRE)--ServiceChannel, the
leading SaaS platform and vertical marketplace for facilities
management, today announced a $54 million growth financing round led by
Accel, a leading early and growth-stage venture capital firm. This new
funding will be used to help the company accelerate the transformation
of an $85 billion facilities and contractor
management market to a more modern, data-driven and automated
approach. Accel partners Rich Wong and Arun Mathew will join the
ServiceChannel Board of Directors.

“We are thrilled to be working with Accel to accelerate our exciting
product roadmap and fully realize our mission to provide greater
visibility, transparency, intelligence and automation to facilities
managers and commercial contractors around the world,” said Tom
Buiocchi, ServiceChannel CEO. “Accel has backed category-defining
software leaders including Atlassian, Qualtrics, Slack, Cloudera and
Checkr, as well as consumer internet businesses such as Facebook,
Supercell, Flipkart, Jet and Etsy. Above all, they truly appreciate how
modern software can deliver unprecedented benefits and insights to our
customers and service provider partners.”

ServiceChannel provides a cloud-based solution that automates facilities
management professionals’ ability to source, measure, benchmark,
manage and pay for contractor-delivered services across a wide range of
trade specialties. The company initially gained broad acceptance with
leading global brands in the retail, restaurant, and convenience store
categories, and is now expanding to distributed enterprises in financial
services, grocery, logistics, healthcare, and storage space management.
Key company metrics to date include:

450+ customers, representing 220,000 locations, with a presence in
over 70 countries

More than 70 million work orders processed for customers and
contractors, comprising the largest data set of its kind in the world

“ServiceChannel is the first company in the industry to provide a truly
modern, data-driven transaction engine and system of record to manage
facilities and engage contractors,” said Accel partner, Arun Mathew.
“ServiceChannel is already the industry standard for retailers and
restaurants, and has become the industry’s unparalleled source of data
and reference,” continued Rich Wong, Accel partner. “We look forward to
helping the company take the next steps in broadening its market
presence and extending its leadership.”

Benefits of the ServiceChannel solution include lower costs, improved
service quality, increased compliance, and unprecedented transparency,
and insights into facilities programs through access to objective data.
Most recently, the company introduced the first-in-the-industry machine
learning and prescriptive analytics capabilities to its core platform;
its new Decision
Engine technology analyzes data drawn from tens of millions of work
orders across industries and geographies to help users make faster and
better decisions.

Accel is a leading venture capital firm that invests in people and their
companies from the earliest days through all phases of private company
growth. Atlassian, Braintree, Cloudera, DJI, Dropbox, Dropcam, Etsy,
Facebook, Flipkart, Jet, Lookout Security, Qualtrics, Slack, Spotify,
Supercell, and Vox Media are among the companies the firm has backed
over the past 30 years. The firm seeks to understand entrepreneurs as
individuals, appreciate their originality and play to their strengths.
Because greatness doesn't have a stereotype. For more, visit www.accel.com,
www.facebook.com/accel
or www.twitter.com/accel.

About ServiceChannel

ServiceChannel provides facilities managers with a single platform to
source, procure, manage and pay for repair and maintenance services from
commercial contractors across their enterprise. By delivering
unprecedented transparency and data-driven analytics of service quality,
across all trades, locations and contractors, facilities managers drive
significant brand equity and ROI for their organizations without
outsourcing or investing in new infrastructure. The world’s leading
global brands use ServiceChannel solutions daily to help optimize
millions of transactions and billions of dollars of spend annually.
Learn more: https://servicechannel.info/